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Politics : High Tolerance Plasticity
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To: Think4Yourself who wrote (1734)3/16/2001 8:12:41 AM
From: kodiak_bull  Read Replies (1) of 23153
 
JQP:

I found this paragraph in the article most interesting:

"Frank Wolak, a Stanford University economist and member of the ISO's market-surveillance committee, said regulators must act swiftly to prevent financial catastrophe caused by California's broken energy market from spreading. In 1999, $7 billion of power was traded in California's deregulated market. That power cost $27 billion last year, and Mr. Wolak said that if prices paid in January and February continue unabated throughout this year, the total market costs for 2001 could approach $70 billion."

That is, it's interesting in light of Gray Davis' statement that he could solve the California energy crisis in twenty minutes if he was willing to raise rates.

So, which will it be, 20 minutes followed by political pain, or months and years?
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